Fall | 2018
New tax law limits business interest expense deductions
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Under the Tax Cuts and Jobs Act (TCJA), starting in 2018, manufacturers with more than $25 million in average annual gross receipts will generally be able to deduct less interest expense than they could have deducted under prior law. This article provides details on this new limitation, which is expected to have an adverse effect on some companies in capital-intensive industries. A sidebar illustrates how to calculate interest expense deductions under the new law.

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Employee or independent contractor: Worker classification matters

There’s a fine line between employee and independent contractor. This article provides an overview of this issue and the characteristics that distinguish employees from contractors. This distinction may take on even greater importance under the new tax law.

Financial restatements — Why can’t management get it right the first time?

Fraud isn’t the only cause for financial restatements. This article highlights restatements caused by unintentional errors or omissions, especially as companies record complex transactions or implement new accounting and tax rules. It identifies error-prone transactions and recent changes that may cause a restatement — and how companies can reduce the risk of restatement.

Deducting travel and entertainment expenses with confidence
When owners, managers and salespeople attend trade shows, call on customers and evaluate suppliers, they may incur travel and entertainment expenses. This article explains the rules for deducting these costs, including how they’ve changed under the Tax Cuts and Jobs Act (TCJA).

Firm News:
HMWC Ranked as "Top 300" by Inside Public Accounting
Tustin, CA, 2018 - HMWC CPAs & Business Advisors (“HMWC”) in Tustin has once again been selected by “INSIDE Public Accounting” as one of the nation’s 2018 “Top 300” CPA Firms, 2018 IPA “Fastest-Growing Firms”, and 2018“Fastest-Growing Over $5 Million Firms”.
 
HMWC's Manufacturing Industry Group Partners
CPA, CCIFP
CPA, CCIFP, MBA, MBT
HMWC CPAs & Business Advisors | (714) 505-9000 | (714) 505-9200 F | cpas@hmwccpa.com